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Sovereign Wealth Funds Briefing 05.Aug 2010

Posted on 05 August 2010 by VRS |  Email |Print

From Guardian: Sources have confirmed that the China Investment Corporation, the sovereign wealth fund to the world’s most populous nation, is the organisation being fronted by Kenny Huang, who admitted interest in bidding for Liverpool.
In a series of trades since 19 July, CIC has sold $558m of shares in Morgan Stanley, equating to £351.4m. That sum is equivalent to Liverpool’s debt to the nearest decimal place, and is exactly the number insiders say has been quoted to interested parties as the sale price……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From Marketwatch.com: China Investment Corp. (CIC) has sold 25 million shares worth $558 million in Morgan Stanley since July 21. Following the most recent sell-off, CIC now holds 155.7 million shares, representing an 8.9% stake in the New-York based firm.
In 2007, CIC purchased a $5.6 billion stake in Morgan Stanley , just three months after the Chinese sovereign wealth fund was established. The mandatory convertible options issued by Morgan Stanley expire Aug. 17, 2010……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From Reuters: Central Huijin Investment Co, the domestic arm of China’s sovereign wealth fund, plans to issue at least 190 billion yuan ($28 billion) in bonds in the next few months, the official China Daily reported on Thursday, citing unidentified sources.
That points to an increase in the amount that Huijin is aiming to raise……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From Thecrimson.com: Harvard Management Company is exploring options for unloading several of its real estate investments to China’s $300 billion sovereign wealth fund, a move that could represent a significant change from an investment strategy that had stressed diversity of holdings before the recession struck.
According to a Wall Street Journal report, China Investment Corp., or CIC, recently approached the University’s money managers about a possible purchase of Harvard’s positions in six real estate funds……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From Peopledaily.com.cn: China Investment Corp, the country’s sovereign wealth fund, is in talks with Harvard University’s endowment to buy the US institution’s stakes in property funds worth about $500 million, the Wall Street Journal reported Wednesday.
The latest move by the $300 billion sovereign wealth fund reflects its efforts to tap properties in the distressed US commercial real estate sector as it seeks to diversify its overseas portfolio……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From China Knowledge: China Investment Corp, the country’s US$300-billion sovereign wealth fund, is likely to invest up to US$25 billion in Indonesia, said Mustafa Abubakar, a senior government official from Southeast Asia’s biggest economy, on Tuesday.
Abubakar said that the Chinese sovereign wealth fund had expressed interest in investing in three state-owned Indonesian companies: coal miner PT Tambang Batubara Bukit Asam, electricity firm Perusahaan Listrik Negara, and port operator Pelindo……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From WSJ: China Everbright Bank Co., which aims to raise up to 20 billion yuan ($2.9 billion) in an initial public offering in Shanghai, said Wednesday the strategic tranche of the deal was about seven times covered and it has selected 30 subscribers as cornerstone investors. Central Huijin Investment Ltd., the domestic investment arm of China’s sovereign wealth fund, owns 60% of Everbright Bank.
It didn’t name any of the investors, but said they include clients, state-owned enterprises and cash-rich existing shareholders……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From WSJ: The Government of Singapore Investment Corp.’s real estate arm, GIC Real Estate, plans to sell shares of its overseas assets to raise as much as 4 billion Singapore dollars (US$3 billion), nearly doubling the size of the proposed initial public offer, a person familiar with the development said Thursday.
GIC has mandated J.P. Morgan and Citigroup as the global coordinators for the IPO and UBS, China International Capital Corp. and DBS are the book runners……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From Reuters: Singapore’s biggest sovereign wealth fund GIC has chosen UBS, China International Capital Corp (CICC) and Singapore’s DBS as joint bookrunners for its upcoming logistics unit IPO, two sources familiar with the deal said.
The initial public offering is likely to raise $2-$3 billion, much higher than earlier estimated, said the sources who declined to be named because the deal has not been made public yet……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From Reuters: Singapore sovereign wealth fund GIC has added three banks as joint bookrunners for the upcoming IPO of its logistics unit that could raise as much as $3 billion, two sources familiar with the deal said.
The three bookrunners — UBS, China International Capital Corp and DBS — will help in the listing of GLP, which owns warehouses in China and Japan, sources familiar with the deal told Reuters……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From Asiaone.com: Malaysia’s Khazanah Nasional made its debut in Singapore’s debt market with a splash to the tune of $1.5 billion. Khazanah’s $1.5 billion inaugural issue of sukuk, or Islamic bonds, is three times the size of Singapore’s sukuk market until now.
According to Thomson Reuters, until Khazanah’s debut yesterday, total sukuks in Singapore dollars weigh in at $489 million, with the biggest issue being last year’s $200 million offering from the Islamic Development Bank……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From Todayonline.com: Khazanah Nasional, Malaysia’s sovereign wealth fund, agreed to $1.85 billion in loans to part-finance its offer for Parkway Holdings, according to three people with knowledge of the matter.
Australia and New Zealand Banking Group, CIMB Group Holdings, DBS Group Holdings, Oversea-Chinese Banking Corp, United Overseas Bank, Malayan Banking, HSBC Holdings and BNP Paribas SA will lend to the Kuala Lumpur-based company, the sources said, asking not to be named because the deal is private……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From Chinapost.com.tw: Taiwan’s government plans to set up a unit to manage its assets, with Singapore’s sovereign wealth fund Temasek one of the possible models, the island’s finance minister said.
The planned unit will be in charge of the government’s direct or indirect investments in a total of 419 companies, Lee Sush-der told reporters at a briefing in Taipei………………………………………Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From Brunei.fm: His Royal Highness Prince Hj Al-Muhtadee Billah, the Crown Prince and Senior Minister at the Prime Minister’s Office, yesterday met Chief of Kuwait Investment Authority Badar R Elsaad on the fourth and final day of his official visit to the country.
His Royal Highness was accompanied by Yang Amat Mulia Pengiran Muda Abdul Qawi during the audience at the Diwaniya, Bayan Palace, said the Prime Minister’s Office……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From Reuters: Libya’s sovereign wealth fund has taken a 2.075 percent stake in UniCredit SpA, joining the Central Bank of Libya as a top shareholder in Italy’s biggest lender, market regulator Consob said on Wednesday.
The date for the purchase by the Libyan Investment Authority was July 28, Consob said on its website……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From Allafrica.com: Nigerians resident in the United States of America (USA) have declared their support for the institution of the Fiscal Responsibility Commission and the proposed establishment of the Sovereign Wealth Fund (SWF) in the country.
President of the Nigerian Society of South Central Pennsylvania, Arch. Alexander Iloka Rajisk, who expressed their feeling in a chat with journalists, said the administration of President Goodluck Jonathan was moving in the right direction……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From Reuters: A number of African nations have established or are having debates about establishing sovereign wealth funds to manage their mainly resource-based wealth. It may be surprising however to hear Rwanda — an aid-dependent nation racked by the 1994 genocide — is considering one.
Its foreign minister Louise Mushikiwabo says a sovereign fund would help develop its economy and ease dependency on aid……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From Gulfnews.com: Kuwait appointed Citigroup Inc., Ernst & Young and aviation services firm Seabury to handle the privatisation of the country’s national carrier, Kuwait Airways. Kuwait Investment Authority (KIA) has formed the foundation committee for the privatization of Kuwait Airways, which started its work immediately after signing the decision.
The state news agency KUNA quoted a state committee as saying Wednesday that the contracts with Citi and the two other companies will be signed in coming days……………………………………….Full Article: Source

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Posted on 05 August 2010 by VRS |  Email |Print

From Reuters: Libya’s foreign currency reserves stood at $97.9 billion at the end of March, virtually unchanged from the previous quarter, official data showed on Wednesday.
Reserves totalled $98 billion at end-2009, buoyed by high prices for the country’s main export, oil, and returning foreign investments after leader Muammar Gaddafi renounced banned weapons programmes and ended the country’s international isolation……………………………………….Full Article: Source

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